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IRS form for millionaires’ tax-cut

Back in the spring, the Bush administration claimed its budget-shattering tax cut would mean that “91 million taxpayers will receive, on average, a tax cut of $1,126”. Of course, that’s only if you factor in a statistically minute number of insanely wealthy households who will have huge tax cuts; they drag the average up. In reality, 53 per cent of all households in the country will get a tax cut of less than $100. About two thirds of those will get precisely no tax cut at all. (For a closer look at the stats, you can check here.)

But just in case you are one of the elite chosen few who’ll rake it in, the IRS last month released an entirely new document: Form 8302, which you fill out in case you’re getting a tax refund of $1 million or more.

(Thanks to Boing Boing — which has a new IP address, by the way — for finding this one!)

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I'm Clive Thompson, the author of Smarter Than You Think: How Technology is Changing Our Minds for the Better (Penguin Press). You can order the book now at Amazon, Barnes and Noble, Powells, Indiebound, or through your local bookstore! I'm also a contributing writer for the New York Times Magazine and a columnist for Wired magazine. Email is here or ping me via the antiquated form of AOL IM (pomeranian99).

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